ENGINEERING.com Incorporated Announces First Quarter 2012 Results

TORONTO, ONTARIO -- (MARKETWIRE) -- May 25, 2012 -- ENGINEERING.com Incorporated (TSX VENTURE: EGN), developer of the ENGINEERING.com online resource for engineers today announced its unaudited financial results for the first quarter ended March 31, 2012.

ENGINEERING.com revenue was $581,965 for the three month ended March 31, 2012, compared to revenue of $355,559 for the first quarter in 2011. Revenue in the first quarter included a sale of third party software to a single customer for approximately $170,000.

Operating income (EBITDA) measured as earnings before interest, taxes, amortization and stock-based compensation, was $2,634 or $0.00 per Common Share for the first quarter of 2012 compared with an operating loss of ($58,398) or $0.00 per Common Share for the three month period ended March 31, 2011. The operating expenses in the latest quarter were $300,924, up from $255,662 in the first quarter a year earlier.

"During the first quarter of 2012 the Company launched a 3D Printing section to give industry analysts and bloggers a valuable platform for disseminating technical information," said John Hayes, President of ENGINEERING.com. "This section and others like it will attract viewers and advertisers to important topic areas."

As at March 31, 2012, the Company had a cash balance of $327,057 compared to a cash balance of $259,014 as at December 31, 2011.

About ENGINEERING.com Incorporated

ENGINEERING.com Incorporated (TSX VENTURE: EGN) inspires, informs and entertains a worldwide audience of engineers through the www.ENGINEERING.com web site and other distribution channels. ENGINEERING.com offers marketing services to manufacturers, technology inventors and engineering academia around the world. The ENGINEERING.com Incorporated head office is located in Mississauga, Ontario, Canada and can be reached toll-free at 1-877-997-9917, by facsimile at 905-273-6691 or through the Internet at www.ENGINEERING.com.

EBITDA

EBITDA is defined by the Company as operating income before interest expense, income taxes, amortization, stock - based compensation, asset dispositions and provision for discontinued operations. The Company has included information concerning EBITDA because it believes that EBITDA is used by certain investors as one measure of the Company's financial performance. EBITDA is not a measure of financial performance under Canadian generally accepted accounting principles and is not necessarily comparable to similarly titled measures used by other companies. EBITDA should not be construed as an alternative to operating income or to cash flows from operating activities (as determined in accordance with Canadian generally accepted accounting principles) as a measure of liquidity.

Forward Looking Statements

This press release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this press release. Actual results could differ materially from those anticipated in these statements. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. ENGINEERING.com Incorporated undertakes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.

The contents of this News Release have been reviewed and approved by the Audit Committee and the Board of Directors.


STATEMENTS OF FINANCIAL POSITION                                            
Expressed in Canadian Dollars                                               
                                                                            
                                         March 31, 2012      March 31, 2011 
                                                                            
ASSETS                                                                      
CURRENT ASSETS                                                              
 Cash                                   $       327,057    $        139,712 
 Accounts Receivable                            420,064             201,468 
 Prepaids Expenses and Deposits                  45,671              11,672 
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                            792,792             352,852 
----------------------------------------------------------------------------
                                                                            
NON-CURRENT ASSETS                                                          
 Property and Equipment                          13,623              17,949 
 Intangible Assets                              328,313             319,084 
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                        341,936             337,033 
----------------------------------------------------------------------------
                                                                                          
TOTAL  ASSETS                                                        $          1,134,728        $                689,885  
----------------------------------------------------------------------------
                                                                                                                                                        
LIABILITIES  AND  SHAREHOLDER'S  EQUITY                                                                                
CURRENT  LIABILITIES                                                                                                                  
  Accounts  Payable  &  Accrued                                                                                                  
    Liabilities                                                      $              623,565        $                487,592  
  Deferred  Revenue                                                              165,098                            73,438  
----------------------------------------------------------------------------
TOTAL  LIABILITIES                                                              788,663                          561,030  
----------------------------------------------------------------------------
                                                                                                                                                        
SHAREHOLDER'S  EQUITY                                                                                                                
  Share  Capital                                                              15,450,966                    15,113,752  
  Contributed  Surplus                                                        503,947                          478,646  
  Deficit                                                                        (15,608,848)                (15,463,543)
----------------------------------------------------------------------------
TOTAL  SHAREHOLDERS  EQUITY                                              346,065                          128,855  
----------------------------------------------------------------------------
TOTAL  LIABILITIES  AND  SHAREHOLDERS                                                                                    
  EQUITY                                                                  $          1,134,728        $                689,885  
----------------------------------------------------------------------------
                                                                                                                                  
STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS'  EQUITY                                          
Expressed  in  Canadian  Dollars                                                                        
                                                                                                                                  
                                                                        Number  of                              Share
                                                                Common  Shares                          Capital
-----------------------------------------------------------------
At  December  31,  2010                              36,870,623        $          15,113,752
Net  Income  for  the  period                                                                                
Stock  Based  Compensation                                                                                  
-----------------------------------------------------------------
At  March  31,  2011                                    36,870,623                    15,113,752
                                                                                                                                  
At  December  31,  2011                              43,870,623        $          15,450,966
Net  Loss  for  the  period                                                                                    
Stock  Based  Compensation                                                                                  
-----------------------------------------------------------------
At  March  31,  2012                                    43,870,623        $          15,450,966
-----------------------------------------------------------------

                                                                                                                                                        
STATEMENTS  OF  CHANGE  IN  SHAREHOLDERS'  EQUITY                                                                
Expressed  in  Canadian  Dollars                                                                                              
                                                                                                                                                        
                                                            Contributed                                                                      
                                                                    Surplus                        Deficit                    Total  
----------------------------------------------------------------------------
At  December  31,  2010              $            472,843        $      (15,396,019)    $        190,576  
Net  Income  for  the  period                                                        (67,524)              (67,524)
Stock  Based  Compensation                        5,802                                                          5,802  
----------------------------------------------------------------------------
At  March  31,  2011                                  478,645                (15,463,543)              128,854  
                                                                                                                                                        
At  December  31,  2011              $            497,899        $      (15,602,800)    $        346,065  
Net  Loss  for  the  period                                                              (6,048)                (6,048)
Stock  Based  Compensation                        6,048                                                          6,048  
----------------------------------------------------------------------------
At  March  31,  2012                    $            503,947        $      (15,608,848)    $        346,065  
----------------------------------------------------------------------------
                                                                                                                                                      
STATEMENTS  OF  INCOME  (LOSS)  AND  COMPREHENSIVE  INCOME  (LOSS)                                
Expressed  in  Canadian  Dollars                                                                                            
                                                                                                                                                      
                                                                                  March  31,  2012          March  31,  2011  
                                                                                                                                                      
                                                                                                                                                      
REVENUE                                                                $                581,965      $                355,559  
COST  OF  SALES                                                                      278,677                        158,295  
---------------------------------------------------------------------------
GROSS  PROFIT                                                                        303,288                        197,264  
---------------------------------------------------------------------------
                                                                                                                                                      
OPERATING  EXPENSES                                                                                                                  
    Salaries  and  Benefits                                                  171,494                        138,898  
    Marketing  Expenses                                                          22,839                          22,682  
    Development  Costs                                                            46,282                          47,180  
    General  and  Administrative                                          60,309                          46,902  
---------------------------------------------------------------------------
TOTAL  OPERATING  EXPENSES                                                300,924                        255,662  
---------------------------------------------------------------------------
                                                                                                                                                      
INCOME  (LOSS)  BEFORE  UNDERNOTED                                                                                        
  ITEMS:                                                                                      2,364                        (58,398)
    Stock  Based  Compensation                                              (6,048)                        (5,802)
    Amortization  Expense                                                      (2,364)                        (3,324)
---------------------------------------------------------------------------
NET  INCOME  (LOSS)  &  COMPREHENSIVE                                                                                    
  INCOME                                                                $                  (6,048)    $                (67,524)
---------------------------------------------------------------------------
                                                                                                                                                      
Earnings  (Loss)  Per  Share                                                                                                    
    Basic                                                                $                      0.00      $                      0.00  
    Diluted                                                            $                      0.00      $                      0.00  
Weighted  Average  Number  of  Common                                                                                    
  Shares  (Basic  and  Diluted)                                    43,870,623                  36,870,623  
---------------------------------------------------------------------------
                                                                                                                                                      
STATEMENTS  OF  CASH  FLOWS                                                                                                      
Expressed  in  Canadian  Dollars                                                                                            
                                                                                                                                                      
                                                                                  March  31,  2012          March  31,  2011  
OPERATING  ACTIVITIES                                                                                                              
                                                                                                                                                      
Net  Income  (Loss)                                            $                  (6,048)    $                (67,524)
Add  items  not  affecting  cash                                                                                              
    Stock  based  compensation                                                6,048                            5,802  
    Amortization                                                                        2,364                            3,324  
    Changes  in  Operating  Assets  and                                                                                    
      Liabilities  Other  than  Cash                                      73,142                        123,433  
--------------------------------------------------------------------------  
CASH  FLOWS  FROM  OPERATING  ACTIVITIES                          75,506                          65,035  
--------------------------------------------------------------------------  
                                                                                                                                                      
INVESTING  ACTIVITIES                                                                                                              
    Additions  to  Property  and  Equipment                        (4,169)                            (546)
    Additions  to  Intangible  Assets                                  (3,294)                        (3,021)
--------------------------------------------------------------------------  
CASH  FLOWS  FROM  INVESTING  ACTIVITIES                          (7,463)                        (3,567)
--------------------------------------------------------------------------  
                                                                                                                                                      
INCREASE  (DECREASE)  IN  CASH                                            68,043                          61,468  
                                                                                                                                                      
CASH,  Beginning  of  period                                              259,014                          78,244  
--------------------------------------------------------------------------  
                                                                                                                                                      
CASH,  End  of  period                                        $                327,057      $                139,712  
--------------------------------------------------------------------------  

 

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